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The authors presents a new lifting scheme, the self-lifting scheme, and prove that self-lifted wavelets based on orthogonal or biorthogonal wavelets remain biorthogonal. In contrast to self-lifting, the existing lifting scheme can be called cross-lifting. Compared with cross-lifting, the self-lifting scheme provides new approaches for constructing biorthogonal wavelets, as well as factorising wavelet filter bank (WFB). For constructing wavelets, the self-lifting-based method updates one part of a wavelet filter by the other part of the same filter and obtains two updated filters in one pass, whereas the cross-lifting based method updates one filter by another filter and obtains one updated filter in one pass. To factorise WFB, self-lifting takes one part of a filter as the factor to decompose the other part of the same filter and obtains two factorised filters in one pass, whereas cross-lifting based one takes one part of a filter as the factor to decompose the corresponding part of the other filter and obtains one factorised filter in one pass. Several examples show how to use self-lifting scheme to produce new wavelets with desirable properties, how to factorise complex WFBs into simple lifting filter banks, how to implement self-lifting-based discrete wavelet transform (WT) in z-domain and in time domain and why lifting-based WT is superior to convolution-based one.